VIX is getting ready for a big moveÂ
VIX has reached 15.50 and bounced marked by a horizontal rectangle line and a long-term uptrend base support and has bounced from it as you can see from a monthly chart. We need to see a confirmed continuation from here to the upside to be certain that Indices will reverse lower as the risk will be off.
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On the weekly chart, we can see that VIX has formed a hammer candlestick formation calling for a turn higher from here. A break above 22 is needed for the upside reversal.
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